TimesSquare Capital Management LLC Makes New Investment in Paymentus Holdings, Inc. (NYSE:PAY)

TimesSquare Capital Management LLC bought a new position in shares of Paymentus Holdings, Inc. (NYSE:PAY) in the fourth quarter, Holdings Channel.com reports. The firm bought 1,062 shares of the business services provider’s stock, valued at approximately $35,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. nVerses Capital LLC lifted its holdings in shares of Paymentus by 550.0% in the third quarter. nVerses Capital LLC now owns 1,300 shares of the business services provider’s stock worth $26,000 after buying an additional 1,100 shares in the last quarter. Advisors Asset Management Inc. lifted its holdings in shares of Paymentus by 155.1% in the third quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider’s stock worth $34,000 after buying an additional 1,027 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Paymentus in the third quarter worth about $43,000. R Squared Ltd purchased a new stake in shares of Paymentus in the fourth quarter worth about $43,000. Finally, Barclays PLC lifted its holdings in shares of Paymentus by 1,569.3% in the third quarter. Barclays PLC now owns 5,058 shares of the business services provider’s stock worth $101,000 after buying an additional 4,755 shares in the last quarter. 78.38% of the stock is owned by hedge funds and other institutional investors.

Paymentus Stock Performance

PAY stock opened at $32.57 on Thursday. The company has a market capitalization of $4.06 billion, a PE ratio of 105.08 and a beta of 1.66. Paymentus Holdings, Inc. has a one year low of $14.77 and a one year high of $38.94. The company’s 50 day moving average price is $32.15 and its two-hundred day moving average price is $27.91.

Insiders Place Their Bets

In other news, General Counsel Andrew A. Gerber sold 34,272 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $37.36, for a total value of $1,280,401.92. Following the transaction, the general counsel now owns 97,925 shares in the company, valued at approximately $3,658,478. This trade represents a 25.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Sanjay Kalra sold 15,794 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $31.99, for a total transaction of $505,250.06. Following the completion of the transaction, the chief financial officer now owns 466,035 shares in the company, valued at $14,908,459.65. This represents a 3.28 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 53,136 shares of company stock valued at $1,883,831. 87.76% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PAY. The Goldman Sachs Group increased their price target on shares of Paymentus from $23.50 to $33.00 and gave the stock a “neutral” rating in a report on Friday, November 15th. Robert W. Baird raised their target price on shares of Paymentus from $25.00 to $36.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Wells Fargo & Company raised their target price on shares of Paymentus from $27.00 to $33.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Canaccord Genuity Group downgraded shares of Paymentus from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 11th. Finally, Wedbush assumed coverage on shares of Paymentus in a research note on Monday, February 3rd. They issued an “outperform” rating on the stock. Seven research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $30.00.

Paymentus Company Profile

Paymentus Holdings, Inc provides cloud-based bill payment technology and solutions in the United States and internationally. The company offers electronic bill presentment and payment services, enterprise customer communication, and self-service revenue management to billers through a software-as-a-service technology platform.